Nokia to cut up to 14,000 jobs after 69% profit plunge

• Nokia said it would cut up to 14,000 jobs as part of a cost cutting plan following third quarter earnings that plunged.
• The Finnish telecommunications giant said that it will reduce its cost base and increase operation efficiency to “address the challenging market environment.”

• The substantial layoffs come after Nokia reported third-quarter net sales declined 20% year-on-year to 4.98 billion euros. Profit over the period plunged by 69% year-on-year to 133 million euros.

Nokia FI:NOKIA set plans to cut its workforce by up to 14,000 as it reported a steep drop in third-quarter profit. The telecom equipment maker said it’s looking to reduce its workforce to between 72,000 and 77,000 workers, from 86,000 now, by the end of 2026. Nokia’s profit dropped by 69% to 133 million euros, or 2 cents a share, as revenue fell 20% to 4.98 billion euros. Analysts polled by Visible Alpha forecast earnings of 395 million euros on revenue of 5.66 billion euros. Nokia said it’s tracking toward the lower end of its net sales range for 2023 and toward the mid-point of its comparable operating margin range.